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Forex gains lift net 72%
October, 27th 2009

Canara Bank posted a 72 per cent growth in net profits at Rs 910.52 crore during the second quarter of the current fiscal, compared with Rs 529.43 crore recorded in the corresponding period last year, on account of growth in other income and provisions. The banks treasury gains stood at Rs 435.8 crore, up from Rs 3.54 crore in the year-ago period.

Net profit growth was achieved mainly because of treasury and forex gains, said Mr A.C. Mahajan, Chairman and Managing Director, Canara Bank. The banks profit on forex operations was Rs 59.19 crore, up from a loss of Rs 5.69 crore during the same quarter last year.

Because we had good profits, we decided to set aside for rainy days; hence we have more than doubled the provisions, said Mr Mahajan. Provisions (including taxes) for this quarter stood at Rs 508.6 crore (Rs 244.09 crore), of which Rs 243 crore was for NPAs. The banks gross NPA was 1.6 per cent (1.2 per cent), while net NPA was 1.16 per cent (0.89 per cent).

Though slippages of NPAs are continuing in the small personal loan accounts, we are trying to reduce them and make recoveries, he said.

According to him, the Ratnagiri Gas and Power Project account, wherein the bank had an exposure of about Rs 350 crore, has now been upgraded to a standard asset.

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